Due to tax reasons I need to remove my name from an LLC that is in my name but it is my daughter's on line business. How do I dissolve an LLC, I do not believe her name is on the LLC as a partner. This was done because of her medical diagnosis and we were worried that if she was over on her resources on certain months that her medications would not be paid for by an assistance program. Her medications costs approximately $30,000 per month without assistance from the state.
I am sorry to hear about your daughter's condition. You mention both "removing your name" from the LLC and dissolving the LLC; I assume you just seek a dissolution. An LLC is dissolved by filing Articles of Dissolution with the Secretary of State; see: https://www.sos.arkansas.gov/business-commercial-services-bcs/forms-fees/llc You should consult with an experienced Business Attorney to confirm the members and managers, if any, of the LLC and the consent required to file the articles of dissolution.
The foregoing discussion does not establish an attorney-client relationship, is qualified by the limited facts presented above, and should not be relied upon as legal advice. My intention in answering questions is to provide guidance that will familiarize the public with the subject matter and facilitate selecting and interacting with attorneys. To obtain definitive legal advice upon which one can rely necessitates retaining an attorney who is qualified in this particular area of the law.
An LLC must have at least one member. If you are the only member, you cannot remove yourself. You could dissolve the LLC. You could also transfer your interest to your daughter or another person. A local business attorney can prepare the documents to transfer your membership interest.
Dissolution would be as simple as filing Articles of Dissolution with your state's business registration authority (whether Secretary of State or otherwise). However, the more complicated aspect is winding down the LLC properly, in order to ensure that all debts, obligations, claims and tax liabilities are satisfied before all business activity ceases. This aspect merits consultation with both a local business lawyer and a CPA. These professionals will help you make sure that you cover all bases as you wind down the company's affairs. Use Avvo's "Find a Lawyer" feature if needed. My thoughts and prayers for your daughter as she focuses on her health and well being.
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